online-payment-modes

Credit Card - Credit card is plastic smart card issued by a bank to customer with a defined credit limit that the customer can use to purchase goods and services. Customer is also allowed a defined number of days to pay the amount back to the bank and after that a fixed interest is charged.

There are 7 major credit card issuing authorities worldwide -

Master cards

Visa Cards

American Express cards

Diner's Club cards

Discovery cards

JCB cards

Delta cards

Debit Card - Debit card is again a plastic smart card which is directly linked to card holder's bank account. This card acts like a cheque with the money withdrawn from the existing account balance. Mastro & Visa Electron are 2 major service providers that power the debit card and help banks to offer banking services through debit card internationally.

Online Bank Transfer - Net banking or Online bank transfer makes it easier for the customers to transfer funds from one bank account in any particular location to any other bank account at any other location. These days almost all the banks are offering debit cards.

Pre-paid cash Cards - This is a new form of making payments. Here customer pays cash to a service provider and receives a card stored with the associated amount. Now the customer can purchase the goods and services and pay through this Pre-paid card which would be debited for the required amount. Good thing is that you do not to carry cash and you may use this card to pay but the worst thing is that it might not be used at the places of your choice because of limited acceptance at this time.

Popular service providers in India include -

ITZ cash cards

Done cards

iCash cards

OxiCash

Mobile payments - This is the latest concept where your mobile number is linked with your either bank account or credit card account or pre-paid account and the same can be debited as and when you shop on the approved shops.

Popular service providers are -

PayMate

Mcheck